OWNING YOUR OWN PHARMACY: A
PLAN AND PARTNERSHIP COME TOGETHER

Susan Farley

Published Online: Monday, October 1, 2007

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Rob and Stacie Wenzl had a
plan. For 5 years, Rob was a respiratory
therapist, but he knew that was
not meant to be his lifetime career.
He enrolled at the University of
Kansas where he made the decision
with his wife Stacie, a certified public
accountant, that he would get his
pharmacy degree, and together they
would purchase and operate their
own independent pharmacy. Rob is
the first to admit that he is not a business
manager, so Stacie?s accounting
background became a key piece of
the puzzle.

The Wenzls knew they were looking
at either a buyout or getting a
small business loan to start their own
pharmacy. Knowing before entering
pharmacy school that he would
eventually own an independent
pharmacy, however, made the necessary
planning and preparation that
much easier.

STEP ONE

With the goal of owning their own
pharmacy within 3 to 5 years after
Rob?s graduation from pharmacy
school, the Wenzl?s plan was set in
motion. Their first decision: location.
They wanted to live and work
in a small town, since both grew up
in small rural communities and were
looking to get back to that kind of
lifestyle. They opened a map and
chose north-central Kansas and the
small town of Phillipsburg, population
2600; only 6000 people reside in
all of Phillips County. ?That is where
we wanted to be with our lives,? they
agreed.

FAST FORWARD

Perhaps feeling a bit restless, the
Wenzls made a significant adjustment
to their master plan when they
decided not to wait until Rob?s May
2005 graduation date before purchasing
a pharmacy. Between his second
and third year of pharmacy
school, the Wenzls explored their
options with the National Community
Pharmacists Association?s junior
partnership program.

After deciding where they wanted
to live, the Wenzls began visiting
independent pharmacies, introducing
themselves to the owners, handing
out their resumes, and inquiring
if they were interested in selling. In
their search, they met some owners
who were advancing in age and looking
to sell their businesses. Soon, the
Wenzls were able to narrow down
their choices to 2 pharmacies before
making their final decision, and it
turned out to be a good one. Rob
advises, ?If you buy an existing store,
make sure it is the right fit.?

In fact, Rob ended up signing a
contract with one of the independent
pharmacy owners almost 2 years
before graduation. While still in
school, he started working for the
previous owner, which allowed for a
vital transition period?not only for
the 2 pharmacists, but for the patients
as well.

REWARDS

The Wenzls set out to become their
own bosses, and they made it happen.
?We love the autonomy of it.? Their
decision to relocate to a small town
turned out to be the right fit as well.
?It is easy to get to know the customers.
There are no chains in the
area; the closest one is 60 miles away.
There are other independents in
town, though,? explained Rob. In
fact, even in 1907, there were 3 drug
stores in the small Kansas town.

Rob says that the primary benefit
of owning an independent pharmacy
is the sheer autonomy of it, and any
other benefits are simply an extension
of that. ?You make your own
hours, you do not have to practice
pharmacy someone else?s way, and
you can develop your own style of
practice and management.?

Was there any trepidation in taking
on a new business and pharmacy
practice? ?I am not bragging, but I
had already been in the real world
and worked in health care and
worked with patients, and I had
developed my own style of practice,?
says Rob. ?So I felt pretty comfortable
dealing with the patients.?

PRACTICE STYLE

As for Rob?s style of pharmacy
practice, he says he tends to be a little
more laid back than most recent
graduates, a trait developed through
previous health care experience. ?I
want to interact with the patients,
and I want to hear about what they
did Saturday night. I know their first
names and think of them more as
friends. I spend time with them outside
the pharmacy. My customers are
my friends.?

Beyond that friendly environment,
as a pharmacy in a rural environment,
Wenzl Drug ends up being a
critical care access point for people
in the community. ?That has come to
be expected,? he continues. ?That is
what sets the small town independents
apart from the big stores.?

When asked if a particular type of
business model works better for a
rural location, he notes, ?A successful
business model does depend on
where you are.Many successful independents
exist in urban areas, but the
competition is pretty fierce. At my
store, we have only had a handful of
patients inquire about the Wal-Mart
$4 [generic] prescription plan. I just
explain to them that we cannot compete
on that level.? In fact, an independent
would have to eliminate
many other services to offer such a
prescription plan. ?Outstanding customer
service is why we will win out,?
says Wenzl. ?Customers desperately
want that one-on-one and that access
to their pharmacist.?

Like many pharmacies,Wenzl Drug
also provides clinics and screenings
for its patients covering a wide range
of disease states. As Rob explains,
?Most pharmacies cannot be everything
to everyone, but in a small town
you kind of have to be. Being the critical
care access point, we are all things
to all people. We dabble in everything
because we need to.?

RESPONSIBILITIES

With his previous experience in
health care, Rob already felt comfortable
with his style of team leadership
and management. With Stacie managing
the business aspect, it freed him
up to focus on the many other
responsibilities that come with owning
a pharmacy.He explains that with
a chain or hospital pharmacy, the
responsibilities are often limited to
just the pharmacy aspect. For an
independent pharmacy, the owner/
pharmacist needs a basic understanding
of all aspects of the business such
as employment law, suppliers, thirdparty
contracting, interpreting financial
statements, etc.

While Rob says his pharmacy
school had a pharmacy management
class, he reiterates that it still
required a lot of work and learning
on his and his wife?s part to become
successful. He says that about 90%
to 95% of his business is prescriptions,
while the other 5% is OTC
medications, and his store also features
a gift department and photo
service. At Wenzl Drug, Rob, a pharmacy
technician, 2 full-time clerks,
and 2 part-time clerks run the business,
and the previous owner fills in
when needed.

A pharmacy team this small can be
as challenging as it is manageable.
Rob makes sure to seek guidance
when needed, however, making a
good working relationship with the
previous owner/pharmacist that
much more important.

As for any pharmacist interested in
being his or her own boss, Rob advises
that it is extremely important to
build a team of trusted advisors. ?You
need a mentor. Network now and
make connections. They are valuable
sources of information. An important
key to developing a successful
independent pharmacy is to become
involved in your state pharmacy association.
They provide an invaluable
resource, especially for independents.
You can just pick up the phone and
call them with your questions. There
have been countless pharmacists in
Kansas who have been mentors to
me.?